Legal Question in Credit and Debt Law in New Jersey

Re: 15 year old debt

Actions at law are governed by a limiting statute. In the usual case, ordinary debts that have been dishonored must be sued upon within six years or the right to sue and the ability to collect are lost. In the simplest case, a debt older than six years is unenforceable.

There are several things that can happen to extend the statute of limitations either by starting the period again or by extending it. Very frequently, a debtor will make a partial payment or a promise to pay. That could start the running of the six year period again from the beginning. Also common is the situation when a debtor is unavailable to be sued such as when they are out of the country (in some cases). Therefore, the six year period is worth knowing about but it might not always apply.

That said, there has been a recent flurry or collection abuse on the part of some collectors. They will raise old claims or manipulate a credit report to make it appear that an old claim is new. Those practices are frequently violations of the Fair Debt Collection Practices Act (FDCPA).

You should consult your lawyer to determine the best course of action for you. Unless your lawyer tells you otherwise, do not acknowledge the debt, promise to pay, or make any payment even for a small amount. You are under no obligation whatever to give a collector any information. If anything, ask for "verification" of the debt in writing.

See also: http://info.corbettlaw.net/lawguru.htm

Re: 15 year old debt

usually, no. the statute of limitations (the time limit for filing a lawsuit to collect a debt) is not longer than 6 years.

the time limit would NOT apply if any one of several things have happened. for example, if the creditor got a court judgment, then the creditor can collect on that judgment even if the debt is over 15 years old. there are other circumstances that may apply, too.

you would need to sit down with a lawyer and get some advice.

call me if you would like for me to assist you.